UPDATE: Aegis Capital Downgrades Galectin Therapeutics

In a note released Friday morning, Aegis Capital analyst Raghuram Selvaraju downgraded shares of Galectin Therapeutics (NASDAQ: GALT) from Buy to Hold.

The downgrade comes amid result concerns as to whether or not the company will be able to demonstrate clinical effectiveness of its lead drug candidate GR-MD-02. The concerns arose when the second cohort of its Phase 1b trial did not show the same indications of potential anti-fibrotic efficacy as the previous cohort.

Amid the Aegis downgrade, shares of have dropped more than seven percent.